With more meals served inflight, Macroasia profitable anew | Inquirer Business
Turnaround from last year’s losses

With more meals served inflight, Macroasia profitable anew

MacroAsia Corp. ended the January to September period in the green with P259.55 million in net earnings as supported by stronger revenues and the market’s continued recovery.

This was a turnaround from the P371.51-million net loss in the same period last year, according to the latest financial report of the listed aircraft maintenance provider.

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Third-quarter net income alone rose by 27 percent to P194.7 million from P152.9 million a year ago.

Consolidated revenues for the nine-month period improved by 133 percent to P3.21 billion, which were mainly driven by in-flight and other catering revenues that grew by 268 percent to P1.47 billion.

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MacroAsia served from January to September 10.09 million meals, which were exponentially higher compared to just 1.67 million meals in the same period last year.

Ground handling and aviation service revenues improved by 75 percent to P1.33 billion because of higher flight volume.

Flights handled in the nine months to September nearly doubled to 94,336.

Eduardo Luis Luy, MacroAsia president and chief operating officer, earlier said they were expecting to sustain profitability for the rest of the year given an anticipated pickup of economic activities in the last quarter.

“Barring anything extraordinary, I’d like to think that … it will be a relatively good year for us,” he said.

Lufthansa Technik Philippines, its joint venture with Lufthansa Technik AG, opened a new hangar in August, adding three lines to its existing seven base maintenance lines. The 9,000-square-meter facility was inaugurated after nearly two years of delays prompted by the pandemic.

MacroAsia’s Tera Information and Connectivity Solutions Inc. also tied up with technology firm Gur Lavi Corp. as it eyes to break into the fixed-line internet space for residential consumers in three to five years. INQ

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TAGS: macroasia, Profit, turnaround
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